“Layoffs aren’t simply at pre-recession levels; they are at pre-2001-recession levels,” said John A. Challenger, CEO of the firm. “This bodes well for job seekers, who will not only find more employment opportunities in 2015, but will enjoy increased job security once they are in those new positions.”

Challenger’s report pointed out that while the economy and employment has grown in 2014, no job is ever truly secure as the nation still averaged about 40,000 planned job cuts per month. That’s because companies restructure their operations, announce cost-cutting moves or cut jobs when mergers and acquisitions are completed.

Notably, the tech sector, a relatively strong performer in the economy, saw the heaviest downsizing last year. That sector announced 59,528 planned layoffs. Challenger said that was a 69% increase from a year ago. Much of that downsizing was due to plans announced by Hewlett-Packard and Microsoft to each cut thousands of jobs. With both of their traditional businesses heavily tied to the PC world, the companies are pivoting to compete as the tech market moves to mobile devices where other rivals are stronger.

Job cuts in the retail sector declined by 11% in 2014 but the industry still ranked second. The third-ranked health care sector also posted fewer layoffs in 2014, Challenger said. Meanwhile, the largest increases in job cuts occurred among employers in the entertainment industry and electronics, where job cuts in 2014 more than doubled for both.

“We expect downsizing to remain subdued in 2015, as a growing number of employers turn their attention toward job creation,” Challenger said.

“Lower prices mean less money for research, exploration and new drilling operations,” Challenger said. “However, the slowdown in oil-related industries may be more than offset by the extra dollars in consumers’ pockets as they shell out less money for gas and heating oil. The money not spent at the pump can be used for consumer goods, travel, home improvement, and dining out. Furthermore, continued low gas prices could spur an increase in SUV sales. All of these are going to have an immediate and positive impact on the job market and hiring.”

General Motors CEO Mary Barra said Thursday the automaker has fired 15 people and disciplined five others following an internal investigation into why it took more than a decade to address a defect that’s led to the death of at least 13 people.

“Some were removed because of what we consider misconduct or incompetence. Others have been relieved because they simply didn’t do enough: They didn’t take responsibility; didn’t act with any sense of urgency,” Barra said.

However, Barra said the report found no deliberate cover-up by the company — GM’s top management was unaware of the problem until the company decided to begin recalling millions of affected vehicles earlier this year, according to the report. Instead, Barra put the blame on “a pattern of management deficiencies and misjudgments.”

GM top brass ordered the report, conducted by former U.S. Attorney Anton Valukas, after the company began massive recalls in February because of defective ignition switches, which caused some cars to lose power steering and airbag functions. The report laid out a series of findings and recommendations that Barra said the company had already begun to undertake.

GM has recalled at least 13.5 million vehicles for various issues this year, 2.6 million of which because of ignition switch problems. The recalls came after the company was put under intense pressure from Congress and federal authorities for its failure to fix the switch issues for more than a decade. On Thursday, Barra suggested that more recalls will follow.

“As I’m sure you know, we are taking an aggressive approach on recalls,” she said. “In the near term, you might expect to see a few more recall announcements.”

Barra also announced a compensation program for victims seriously injured as a result of the defective ignition switch as well as the families of those killed in connection with the problem. The program, which will be administered by Kenneth Feinberg — who ran the September 11th Victim Compensation Fund — will begin accepting claims on Aug. 1.